Tag: Rs

ISLAMABAD: The Karachi Electric Supply Company (KESC) has incurred an approximate loss of Rs 21 billion during the outgoing calendar year 2010.
Well-informed source in power sector informed Pakistan Today on Tuesday that there was a serious threat of power riots in the largest metropolis of the country during the coming summer, as KESC lacked funds to meet its operational expenses for the year 2011.
According to source, KESC's approximate revenue during last 12 month was

KARACHI: The government is incurring a loss of around Rs 3.5 billion a month or Rs 41.8 billion a year in exemptions granted in duties and sales taxes to tankers supplying fuel to NATO forces in Afghanistan.
Hundreds of tankers transport thousands of litres of fuel to NATO troops each month. "Each day, 120 oil tankers transport fuel from two oil depots of Karachi to NATO troops. Each tanker carries as much as 50,000 litres," a source in the Petroleum Ministry told Pakistan

ISLAMABAD: Rs 480 million in royalty were paid to Talal Bugti by the federal government for the extraction of oil and gas from Dera Bugti, Pakistan Today has learnt from reliable sources.
"The row between the government and Bugtis over royalty has been amicably resolved for the time being," sources said, adding that Rs 360 million were paid against arrears for the past 5 years and an advance of Rs 120 million was paid for 2011.
Federal government wanted to strike a deal for

ISLAMABAD: The government has generated Rs 69 billion from sales tax and customs duty on petroleum products in the first four months of the current financial year, the Federal Board of Revenue (FBR) told a special committee of the Public Accounts Committee on Tuesday.
The FBR told the PAC III, which was chaired by Riaz Pirzada, that the tax earnings increased by Rs 30 billion in the same period. "Rs 428 billion have been received under pure taxes in the same period," the FBR

ISLAMABAD: The consolidated budget deficit increased to Rs 276.1 billion or 1.6 percent of the gross domestic product (GDP) during the first quarter of the current fiscal year.
According to the Fiscal Operations Report for July-September 2010-11 released by the Ministry of Finance on Tuesday, the budgetary target for deficit projected at 4 percent of the GDP, which was revised upwards to 4.7 percent due to additional expenditure incurred on flood relief.
During the first

SUKKUR: Prime Minister Yousaf Raza Gilani on Tuesday announced a grant of Rs 100 million each for seven districts of Sindh affected by the recent flooding.
Addressing a rally to celebrate the 44th Founding Day of the Pakistan Peoples Party, Gilani said that the seven districts of Sindh included Jamshoro, Dadu, Shahdadkot, Thatta, Hyderabad, Kashmore-Kandhkot and Shikarpur.
The prime minister said the world witnessed one of the worst floods in the history of the country which

LAHORE: Despite tall claims of Punjab Chief Minister Shahbaz Sharif of selling sugar at Rs 72 per kilogrammes, either sugar is being sold at higher rates or there is no sugar at a large number of shops in the city, Pakistan Today has learnt. Shopkeepers have declined to sell the commodity owing to high price being charged by distributors. They said that in case of not selling sugar at Rs 72 per kilogramme, they were being fined by the district government.
The consumers were

ISLAMABAD: Embezzlement worth Rs 2.58 million was committed in the name of computer literacy and promotion of use of Internet for educational purposes in Islamabad.
The audit report 2009-10 of Pakistan Computer Bureau (PCB) said it initiated a project titled "Introduction of Computer Education in 81 Federal Government (FG) Model Colleges and Schools in ICT" with the objective of equipping 81 selected schools and colleges with computer labs and Internet.
"Rs 5.10 million were

ISLAMABAD: Two cabinet ministers on Saturday traded allegations against each other with Minister for Religious Affairs Hamid Saeed Kazmi serving a legal notice of Rs 100 million as compensation on Minister for Science and Technology Azam Khan Swati for leveling "baseless corruption charges" against him.
However, undeterred by the notice, Swati said a mere notice could not shield a crime by a minister who looted 29,000 pilgrims. Asked whether he had solid proof to support his

ISLAMABAD: Interior Minister Rehman Malik on Saturday announced a reward of Rs 10 million to anyone providing information about activities of a probable suicide bomber.
"The government will provide security and employment to people who will provide information about a probable suicide bomber," Malik told reporters during a visit to the Federal Investigation Agency Headquarters.
The Interior minister said that the government would make arrangements to settle the informers and

ISLAMABAD: Government has sustained a loss of revenue amounting to Rs 45 billion during the last six years due to tax evasion, smuggling and counterfeiting in the cigarette industry. Resultantly, the failure of the authorities to take concrete steps to curtail these violations has come under the spotlight.
According to a press release issued on Wednesday, industrial data reveals that government had to face a revenue loss of Rs 7.5 billion in the current year, Rs 6.5 billion in

ISLAMABAD: The Punjab government suffered a loss of Rs 2.9 billion as it failed to recover loans forwarded to certain autonomous bodies having little payback capacity or eligibility to avail such loans, said a report by the Auditor General of Pakistan (AGP).
The report said the Punjab government granted loans in violation of rules to some financial and non-financial institutions for execution of various development and non-development projects from its own resources or through

ISLAMABAD: Federal audit authorities have held the Economic Affairs Division (EAD), which deals with foreign loans and grants, responsible for losing out on a major grant of over Rs 53 billion during fiscal year 2008-09.
According to the 2009-10 audit report of the EAD, the failure of the division to finalise the disbursement procedure cost the country grants of over Rs 53 billion.
The report says per Rules of Business 1973, the EAD is assigned the responsibility to

KARACHI: The non-performing loans of banks have registered the highest increase in the third quarter of 2010 compared to those of last five quarters.
The NPLs for all banks surged by Rs 33 billion and aggregated to Rs 509 billion in the third quarter of 2010 (July-September), while the average accretion under this category for the past five quarters was Rs 19 billion. The gross non-performing loans of banks had swelled to Rs 476 billion in June 2010 and further surged to Rs 509

ISLAMABAD: The audit report 2009-10 of the Utility Stores Corporation (USC) reveals massive losses of Rs 76.813 million due to theft and burglary incidents across the country.
The audit report of the Auditor General of Pakistan points out that the USC reported losses of Rs 30.468 million in the year 2008-09 due to incidents theft and burglary at 147 stores across the country.
"FIRs were lodged with police, formal enquiries were conducted and insurance claims of Rs 30.468

ISLAMABAD: The PML-N's Punjab government blatantly violated rules and regulations to accommodate its favourites and party workers by doling out tractors under the Green Tractor Scheme, incurring a loss of Rs 2 billion resultantly.
According to the Auditor General of Pakistan Revenue (AGPR) report on the accounts of the Punjab government for the year 2009-10, the Agriculture Department initiated the project during financial year 2008-9 to provide tractors to the farming community

KARACHI: The total expenditures sustained by Pakistan Steel Mills (PSM) in the first three months of the current financial year stood at Rs 8.09 billion.
The tentative balance sheet of the PSM made available with Pakistan Today, reveals that the total expenditure of the mills in the first three months - July, August and September - of the current fiscal was calculated to be 2.54 billion, 2.83 billion and 2.69 billion, respectively.
The items of expenditures include raw